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  3. mr. smith is purchasing a $ 160000 house. the down

Mr. Smith is purchasing a $ 160000 house. The down payment is 20 % of the...

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Question

Basic Math

Mr. Smith is purchasing a $ 160000 house. The down payment is 20% of the price of the house.
He is given the choice of two mortgages:

a) a 20-year mortgage at a rate of 10 %.
Find
(i) the monthly payment: $

equation editor

Equation Editor


(ii) the total amount of interest paid: $

equation editor

Equation Editor



b) a 15-year mortgage at a rate of 10 %.
Find
(i) The monthly payment: $

equation editor

Equation Editor


(ii) the total amount of interest paid: $

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